‘Homeowners’ News

Equity Release Tempting More Homeowners

Posted 2008-01-15

More UK homeowners are taking advantage of equity release to boost disposable incomes, according to financial services experts. Mark Gettinby, of Help the Aged subsidiary intune group, said more and more people were also using the products to repay mortgages and credit card debts. However, he warned people interested in equity release should always seek advice before taking it up. He said: “It‘s true there is a general lack of understanding of equity release with the general public. “As equity release is a major financial decision we would always encourage the public to seek independent advice from a specialist before proceeding.” Dean Mirfin, business development director at Key Retirement Solutions, also said recently that retired homeowners should talk to advisers to ensure they do not end up paying too much for equity release plans. He added providers looking for sales are unlikely to always point retirees in the direction of the best deals. ...

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